Women Today

Gina Nytes, Kaukauna branch manager for Citizens Bank, brings us this week's financial tip:

Believe it or not, many couples find it very difficult to talk openly about their finances. Money concerns can cause problems in a relationship, so here are some ways couples can come together to get their finances in order and plan for the future:
• Get organized – Gather all important financial related documents and organize and store them in an agreed upon location. This way you will know that your important papers are organized and easy to refer back to at a later date.
• Track your spending and pay yourself first – Write down where you are spending your money and determine where you might be able to cut expenses. Also, don’t forget to pay yourself first. Have a predetermined amount of money automatically taken out of your paycheck and transferred into your savings account.
• Plan to save – Make saving a part of your everyday life and plan for future expenses throughout the year.
• Build an emergency fund – You never know when life will throw you a curveball and you’ll need additional cash. These types of situations can take a toll on our finances especially when money is tight. Reduce your stress by starting an emergency fund account. No matter how much you have to spare, every penny counts. So start to grow an emergency fund by committing to put a little money away on a monthly basis.
• Set goals – Decide what you want to do with your money. Do you want to pay off debts and or student loans? Buy a house? Save for a new car or additional education? No matter what you set out to achieve, write down your goals and how you are going to achieve those goals. Share your goals with your significant other.
• Review your insurance coverage – Every year, review your life, health, disability, renters / homeowners, auto, etc. policies to make sure that you and your significant other are adequately covered.